ABB 2006/7 | State Profiles | North Atlantic region | Rhode Island

Forward-looking business executives know that they must constantly replace existing methods and models with better ones. But many have learned the hard way that the “big bang” approach to change – the kind that turns an organisation on its head – seldom works. What organisations need is a safer, more manageable place where collaborators can explore and test new ways of doing business without disrupting current operations.

Today, companies from both in and outside of the state are discovering that Rhode Island is that place. Thanks to an idea we call Innovation @ Scale, innovators can take advantage of Rhode Island’s manageable size, close knit networks, and denselyconcentrated resources to quickly and cost effectively test new ways of doing business. New models tested and refined in Rhode Island are much better positioned to scale nationally and globally. Here, innovators can think big, start small, and scale fast.

Rhode Island is a place of vibrant industry clusters in health and life sciences, defence, financial services, marine and environmental technology, consumer and industrial products. In Rhode Island, you’ll find a hotbed of knowledge creation, with more college students per capita than any other state. Its workforce has 50% more Master’s degrees than the national average. It has access to 86 colleges and universities within 50 miles, the largest concentration of higher education facilities in the US. The new economy is based on innovation, collaboration and connectedness.

Castle Island Lighthouse, Newport, Rhode Island

Our belief and practice is “Every Company Counts” – a network of resource providers dedicated to growing small businesses. It will help you develop your business plan, give you access to capital, and advice on expanding your market. Products are being developed across national borders, with design, production and distribution each occurring in different locations. This global process fuels the need for both efficient means of shipping goods and convenient modes of passenger transportation. Rhode Island’s policy is to strengthen connections to the regional, national, and global economies.

For businesses both already here and those thinking of relocating, there are some additional advantages to consider. For instance, a healthy variety of tax credits to help businesses grow and prosper are available. For example, a manufacturer is allowed a 4% or, in certain cases, a 10% tax credit against the Rhode Island business corporation tax and the personal income tax on new facilities, and machinery and equipment used in the production process. Unused credits may be carried forward for up to seven years.

For more information, contact:
Maureen Mezei
International Trade Director
Rhode Island Economic Development Corporation
One West Exchange Street
Providence, Rhode Island 02903
Tel: 001 401 222 2601
E-mail: mmezei@riedc.com
Website: www.riedc.com

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